You will need the Full Write Contribution permission to perform this action for other people. You can always delete your own recurring schedules.
Navigate to the person's profile and click on the "Financial" tab. Then select the "Schedules" sub tab. You can alter the schedule by clicking the 3 dots on the front end of the row. The actions available depend on whether the schedule has already processed a transaction.
Delete - the schedule has not run yet so you can completely remove it from the system.
Cancel - the schedule has run at least once. You can no longer delete it, but you can cancel it so that it will no longer charge.
Edit - allows you to enter or adjust the end date of the recurrence. A date in the past will effectively cancel any new payments from processing.
Helpful Tip
You can also delete/cancel a schedule by locating it within the main listing.